Odisha Chief Minister Naveen Patnaik on 27 June 2016 launched a new scheme Kalinga Siksha Sathi Yojana (KSSY) with an aim to provide education loan at 1 percent interest to students for pursuing higher studies.
The State government dedicated this scheme to former Chief Minister Biju Patnaik on his Birth Centenary. Patnaik had instituted Kalinga UNESCO award for the popularisation of science when he was only 35 years old.
Highlights of the Kalinga Siksha Sathi Yojana
• Poor students aspiring to pursue professional and technical education can now avail themselves of study loan up to 10 lakh rupees at one percent interest rate.
• This will be a major help for students pursuing higher education including Management, Law, Engineering, Medicine etc.
• It will reduce the loan burden of parents who are not able to effort money for higher education.
• Odisha government will provide a cost of 500 crore rupees from its own resources for this purpose.
Criteria For Availing the Loan
• Family income must be below 4.5 lakh per annum
• Security deposit as per bank rules
• Students will have to repay the loan amount after 4-5 years moratorium period
• Maximum 10 lakh loan can be availed
• Bankers to decide to whom loan would be provided
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